In Spain, where unemployment is 26 percent, shop owners are dropping food prices to tempt consumers. But Emilio Perez, a butcher, says customers have less money to spend.

"We are selling between 20 percent and 30 percent less than last year. The purchasing power people had has been taken away from them, and we can all feel that very clearly," he said.

But in Ghana, where money is tight and inflation is 9.3 percent, some shoppers were more philosophical. "There is no money in the system as per se, yes but we wouldn't think too much about that, money or no money. Since we have life, we have to do something for our children and loved ones," said shopper Vida Afforo.

But American retailers who enjoyed a brisk start to the holiday shopping season last month - are not ready to give up.

Retail analyst Bill Martin says there's still one week of holiday shopping before the year ends. "Retailers are hoping that the consumers will come back and deliver those same strong results during this last weekend of the year," he said.

Worldwide, the bigger concern is whether American lawmakers are willing to drive the U.S. economy back into a recession. Despite the threat of economic shock from higher taxes and automatic spending cuts, neither political party appears willing to bend on a year end deadline for a budget deal.